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Dubai: Cash-ready investors are making a concerted move to seek out ready properties in Dubai at a time when transactions are still under the cosh. This could be the trigger for a gradual slowing down in the rate of decline of property values across key locations, according to data based on fourth quarter activity put together by ValuStrat.
Based on its findings, the “apartment and villa markets saw values marginally decline by 0.1 per cent and 0.4 per cent QoQ (quarter-on-quarter). The median apartment value in December was Dh1,312 per square foot and for villas was Dh1,362 per square foot”.
According to the consultancy, this year should see some form of price stability, “indicating a buyer’s market in anticipation of higher rental yields for mid-affordable properties, and increased interest in prime properties in a search for capital appreciation”.
In the office space, transaction values fell by 13 per cent since last year and 4.6 per cent since the third quarter. “However, asking sales prices during the fourth quarter were 15.4 per cent higher than two years ago,” the consultancy added.
“Median asking rents for office space remained relatively stable during the fourth quarter, with only a marginal change recorded the last 12 months. The median asking rent for office space was Dh109 per square foot.”
Source: Staff Report, gulfnews.com